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Dec 3, 2013
12/13
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ALJAZAM
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people affect the dia. the detroit institute of art is a facility owned by the city of detroit. the corporation manages that facility for the benefit of detroit. those are detroit assets. they are different than pensioners, which are obligees that with have. we have to be fair and equitable in our treatment with all creditor classes, financial creditors, or retirees, pensioners, and the like, and that's what we're going to try to do. >> reporter: are you on track for [ inaudible ] >> well, we hope to stay on track. we had our map out. we had the tank full of gas, and the car was in the driveway. we're now heading down the road. but we have a long road ahead. but we're on track to keep our schedule to meet the requirements under the statute that ends basically at the end of september 2014. >> reporter: detroit is finally hit the bottom if you will. how soon before detroit is a better city? a city that people want to move to? a city that just doesn't feel safe, but is actually safe? how soon before detroit is relatively back on its feet in your honest opinion? >> okay. honest opin
people affect the dia. the detroit institute of art is a facility owned by the city of detroit. the corporation manages that facility for the benefit of detroit. those are detroit assets. they are different than pensioners, which are obligees that with have. we have to be fair and equitable in our treatment with all creditor classes, financial creditors, or retirees, pensioners, and the like, and that's what we're going to try to do. >> reporter: are you on track for [ inaudible ]...
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Dec 22, 2013
12/13
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CNNW
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>> we are the detroit mower gang. and we clean up the abandoned parks and playgrounds in this town. >> why would you do that? >> kids need a place to play. i don't care who you are. if you're under 10 years old, i think you deserve some justice in this world, don't you think? >> yeah. >> yeah. >> how did this thing start? >> i guess i started it. i bought a lawn tractor when the city announced they were closing 72 parks. what's the difference between open and closed? do they stop maintaining it? >> that's it. >> or physically shut it up? >> they don't physically shut it up. take the trash barrels away and stop mowing. >> crazy. >> it's -- a strange place, detroit. when we're done here, it will not look like a nice park. >> but still, a playable park. >> yeah. and a visible park. so if you had kids you could see what they're doing in this park. it's safer. >> all right. well, let's cut some grass. >> yeah, come on, you'll like it, it's fun. ♪ ♪ >> there's grass in my beer. [ male announcer ] this is the age of know
>> we are the detroit mower gang. and we clean up the abandoned parks and playgrounds in this town. >> why would you do that? >> kids need a place to play. i don't care who you are. if you're under 10 years old, i think you deserve some justice in this world, don't you think? >> yeah. >> yeah. >> how did this thing start? >> i guess i started it. i bought a lawn tractor when the city announced they were closing 72 parks. what's the difference between...
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Dec 22, 2013
12/13
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CNNW
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. ♪ >>> detroit's the city of champions. the whole world knows that detroit is the american city whose products have revolutionized our way of living. and only in michigan will you find the men and women whose talent made us the arsenal of democracy in wartime and the economic pacesetter in peacetime. ♪ ♪ i took a walk through this beautiful world ♪ ♪ felt the cool rain on my shoulder ♪ ♪ found something good in this beautiful world ♪ ♪ i felt the rain getting colder ♪ ♪ sha-la-la-la ♪ sha-la-la-la ♪ sha-la-la-la ♪ sha-la-la-la >>> it's where nearly everything american and great came from. the things the whole world wanted, made here. the heart, the soul, the beat of an industrial cultural super power. a magnet for everyone with a dream of a better future. from eastern europe to the deep south. american dream? you came here. >> the one straight ahead with the green roof? >> the rococo building, completely empty. >> unbelievable. >> the white one is being rehabbed. there's money coming in. the one on
. ♪ >>> detroit's the city of champions. the whole world knows that detroit is the american city whose products have revolutionized our way of living. and only in michigan will you find the men and women whose talent made us the arsenal of democracy in wartime and the economic pacesetter in peacetime. ♪ ♪ i took a walk through this beautiful world ♪ ♪ felt the cool rain on my shoulder ♪ ♪ found something good in this beautiful world ♪ ♪ i felt the rain getting colder...
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Dec 4, 2013
12/13
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ALJAZAM
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ouout of the experience in detroit, do you? >> i worry about the tool kick. you worked for this, but turns out we don't have the money. are we going to go back to people we sold property to, would we take it back? i think it's a very extreme measure. i think not really justified. i under the detroit but michigan stayed out. it. detroit is michigan's responsibility as much as the governor might like to pretend otherwise. >> but do you have to do it for print, saginaw and others. >> i think you're going to see that story, i would be worried working with the cities. >> detroit is so big, how does it change the game going forward? >> well, i think certainly you have to treat detroit as it's own entity. dean mentioned that each city is different, and that's a point i would stress. many states have programs to intervene with distress before going to bankruptcy. it is an end game that no one wants to find themselves playing because it means that it's run--the city has run out of options and it really needs to renege on many of its pro
ouout of the experience in detroit, do you? >> i worry about the tool kick. you worked for this, but turns out we don't have the money. are we going to go back to people we sold property to, would we take it back? i think it's a very extreme measure. i think not really justified. i under the detroit but michigan stayed out. it. detroit is michigan's responsibility as much as the governor might like to pretend otherwise. >> but do you have to do it for print, saginaw and others....
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Dec 3, 2013
12/13
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kevin orr now holds the keys to the city of detroit. this guy, not an elected official, is apointed. he was hand-picked by republican governor rick schneider, to oversee detroit's bankruptcy. earlier today, orr said that pensions are going to be cut, and public workers, their pensions are going to be on the table. >> approximately 40% of every dollar that the city takes in the general fund goes to paying legacy dead. pension obligations, some of which are unfunded, are debt. that's just not sustainable. the reality is, there is not enough money to address the situation, no matter what we do. that is clear. they have representation that we asked for, and the city is paying for. we pay for the retiree committee. so there are people there that can support and put forward their interest. but we're going to try to do this in a very measured and thoughtful way. but it has to be done. >> oh, mr. orr, you're only telling part of the story. roughly 30,000 retired workers are concerned about their pensions being cut. state law doesn't matter anym
kevin orr now holds the keys to the city of detroit. this guy, not an elected official, is apointed. he was hand-picked by republican governor rick schneider, to oversee detroit's bankruptcy. earlier today, orr said that pensions are going to be cut, and public workers, their pensions are going to be on the table. >> approximately 40% of every dollar that the city takes in the general fund goes to paying legacy dead. pension obligations, some of which are unfunded, are debt. that's just...
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in the future if detroit has is completely on stay. well in terms of being able to pay out its benefits not in five years but in ten fifteen twenty years then it's going to hurt the retirees and the leaders of the unions oh it to the retirees the people that they represent to negotiate in good faith now we're tyreese they were promised literally promised specific benefits and the city now faces kind of a moral conflict in terms of either keeping their promise to the pensioners retirees as well as providing safety and other basic services to the current residents of the city how does detroit even begin to address this problem. it is it is a moral conundrum and i think the important thing understand is why you totally understand the moral argument of hey we were promised benefits detroit also has to be able to provide city services no one would expect one hundred percent of all taxes raised in detroit to go just to paying the pension benefits of people who work for the city twenty and ten years ago that you would expect that they would u
in the future if detroit has is completely on stay. well in terms of being able to pay out its benefits not in five years but in ten fifteen twenty years then it's going to hurt the retirees and the leaders of the unions oh it to the retirees the people that they represent to negotiate in good faith now we're tyreese they were promised literally promised specific benefits and the city now faces kind of a moral conflict in terms of either keeping their promise to the pensioners retirees as well...
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the future if detroit has is completely on stay. well in terms of being able to pay out its benefits not in five years but in ten fifteen twenty years then it's going to hurt the retirees and the leaders of the unions oh it to their retirees the people that they represent to negotiate in good faith now we're tyreese they were promised literally promised specific benefits and the city now faces kind of a moral conflict in terms of either keeping their promise to the pensioners retirees as well as providing safety and other basic services to the current residents of the city how does detroit even begin to address this problem. it is it is a moral conundrum and i think the important thing understand is why you totally understand the moral argument of hey we were promised benefits detroit also has to be able to provide city services no one would expect one hundred percent of all taxes raised in detroit to go just to paying the pension benefits of people who work for the city twenty and ten years ago that you would expect that they would
the future if detroit has is completely on stay. well in terms of being able to pay out its benefits not in five years but in ten fifteen twenty years then it's going to hurt the retirees and the leaders of the unions oh it to their retirees the people that they represent to negotiate in good faith now we're tyreese they were promised literally promised specific benefits and the city now faces kind of a moral conflict in terms of either keeping their promise to the pensioners retirees as well...
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Dec 10, 2013
12/13
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snow during the eagles game against the detroit lions. philly beats the detroit lions. >>video >> reporter:dolphins win that game 34-28 >> reporter:thursday the premiere of sports live! stephen curry interview all
snow during the eagles game against the detroit lions. philly beats the detroit lions. >>video >> reporter:dolphins win that game 34-28 >> reporter:thursday the premiere of sports live! stephen curry interview all
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Dec 7, 2013
12/13
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CSPAN
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look at the proud history of detroit. look at henry ford who not only produced a car that his assembly line men and women could afford to buy, he also shortened the workweek and increased wages. we were the industrial giant of the world. detroit was the greatness of america. government didn't do this. you did this. government didn't discover create motown greats like smoky robinson or diana ross. today doesn't need to be any different. we need to look at ourselves, look in the mirror and allow ours the freedom to create and innovate. you have leaders like this. think of dan gilbert of quicken loans that are pouring their hearts and souls and money into detroit. quicken loans has spent more $1 billion in detroit over moved few years and 3600 employees into the city. creating thousands of jobs. quicken loans and sister companies have 12,000 employees working in downtown detroit. quicken loans is proving all the naysayers wrong. go to quicken loans at woodward avenue and you'll get a glimpse moved it's future flt 3600 employ
look at the proud history of detroit. look at henry ford who not only produced a car that his assembly line men and women could afford to buy, he also shortened the workweek and increased wages. we were the industrial giant of the world. detroit was the greatness of america. government didn't do this. you did this. government didn't discover create motown greats like smoky robinson or diana ross. today doesn't need to be any different. we need to look at ourselves, look in the mirror and allow...
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i do the made the right decision clearly detroit is insolvent and so the bondholders claims that they could raise taxes to pay off the stat or even sell things their assets are there are that they would have enough money from those sales to pay off their debt and still continue forward those arguments were spirits and the idea that detroit is an insolvent is crazy for the bar for the pension ers that claim that the constitution of michigan does not allow for the city to amend pension benefits they seem to have a pretty strong claim to the judge ruled that in years past that you go into bankruptcy is like this that you have to be able to break contracts and so he want to head ruled that way i wouldn't be surprised if on appeal that part of the judge's ruling gets reversed but the fact of matter is detroit can go into bankruptcy and should be allowed to go into bankruptcy whether or not it amends pension benefits and that actually leads to my next question now unions and pension funds they had argued that the city should not be eligible like you said for a bankruptcy court protection an
i do the made the right decision clearly detroit is insolvent and so the bondholders claims that they could raise taxes to pay off the stat or even sell things their assets are there are that they would have enough money from those sales to pay off their debt and still continue forward those arguments were spirits and the idea that detroit is an insolvent is crazy for the bar for the pension ers that claim that the constitution of michigan does not allow for the city to amend pension benefits...
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dagen: a win for the city? jeff flock live from detroit with the latest. jeff: it is accused ruling. for the first time ever a federal judge has ruled in detroit std may cut, diminish the pensions of municipal workers in bankruptcy, first time there has ever been a ruling like this and it may have huge implications across the country. we are seeing out here on the street protests against this. i heard the crowd back here saying judge rose can go to hell. judge stephen rhodes went farther than people thought he would go. many speculated he would approve a bankruptcy filing but the city hasn't met its obligation. it is insolvent, $18 million in debt and negotiated in good faith with its creditors prior to the filing but went farther than that. he could have set aside the pension issue but instead he said in fact the city has the right to cut pensions as part of its reorganization plan. i should that he did not say he would approve specific cuts so we don't know what those cuts might be. i want to get a little flavor of this if i can. these folks were in fron
dagen: a win for the city? jeff flock live from detroit with the latest. jeff: it is accused ruling. for the first time ever a federal judge has ruled in detroit std may cut, diminish the pensions of municipal workers in bankruptcy, first time there has ever been a ruling like this and it may have huge implications across the country. we are seeing out here on the street protests against this. i heard the crowd back here saying judge rose can go to hell. judge stephen rhodes went farther than...
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the future if detroit has is completely on stay. well in terms of being able to pay out its benefits not in five years but in ten fifteen twenty years then it's going to hurt the retirees and the leaders of the unions oh it to the retirees the people that they represent to negotiate in good faith now we're tyreese they were promised literally promised specific benefits and the city now faces kind of a moral conflict in terms of either keeping their promise to the pensioners retirees as well as providing safety and other basic services to the current residents of the city how does detroit even begin to address this problem. it is it is a moral conundrum and i think the important thing understand is wall you totally understand the moral argument of hey we were promised benefits detroit also has to be able to provide city services no one would expect one hundred percent of all taxes raised in detroit to go just to paying the pension benefits of people who work for the city twenty and ten years ago that you would expect that they would
the future if detroit has is completely on stay. well in terms of being able to pay out its benefits not in five years but in ten fifteen twenty years then it's going to hurt the retirees and the leaders of the unions oh it to the retirees the people that they represent to negotiate in good faith now we're tyreese they were promised literally promised specific benefits and the city now faces kind of a moral conflict in terms of either keeping their promise to the pensioners retirees as well as...
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Dec 4, 2013
12/13
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ar detroit and we g to take the money from the taxpayers. the city assets could be sold off in a way that will benefit the longterm for detroit. i understand that mr. orr said today look that art collection is not going to get you enough money to make up the pension shortfall there has to be push me pull me through all of this, right. >> that is right. judge rhodes talked about that in his opinion today and said that will not som solve it whate said in his remarkable comments he said look we can fix the debt and bankruptcy but if these pensions get impaired that is a terrible out come for the social safety net and he basically opened up a call, i believe to the political leadership in the state and maybe in the country that says someone has to take care of these people because i can't do that as a bankruptcy judge and if the pensions do get impaired someone has to step up to the plate and that stoned sounds like a political ini have invit. that may be what ed is talking about. >> he does have control on the legal level that is to say whateve
ar detroit and we g to take the money from the taxpayers. the city assets could be sold off in a way that will benefit the longterm for detroit. i understand that mr. orr said today look that art collection is not going to get you enough money to make up the pension shortfall there has to be push me pull me through all of this, right. >> that is right. judge rhodes talked about that in his opinion today and said that will not som solve it whate said in his remarkable comments he said look...
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in the future if detroit has is completely on stay. well in terms of being able to pay out its benefits not in five years but in ten fifteen twenty years then it's going to hurt the retirees and the leaders of the unions oh it to their retirees the people that they represent to negotiate in good faith now we're tyreese they were promised literally promised specific benefits and the city now faces kind of a moral conflict in terms of either keeping their promise to the pensioners retirees as well as providing safety and other basic services to the current residents of the city how does detroit even begin to address this problem. it is it is a moral conundrum and i think the important thing understand is why you totally understand the moral argument of hey we were promised benefits detroit also has to be able to provide city services no one would expect one hundred percent of all taxes raised in detroit to go just to paying the pension benefits of people who work for the city twenty and ten years ago that you would expect that they would
in the future if detroit has is completely on stay. well in terms of being able to pay out its benefits not in five years but in ten fifteen twenty years then it's going to hurt the retirees and the leaders of the unions oh it to their retirees the people that they represent to negotiate in good faith now we're tyreese they were promised literally promised specific benefits and the city now faces kind of a moral conflict in terms of either keeping their promise to the pensioners retirees as...
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Dec 3, 2013
12/13
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bisi onile-ere with the latest out of detroit. again, the breaking news, is the federal bankruptcy judge has ruled that detroit can continue and is eligible for file for bankruptcy. joining me now to talk about this decision is the president of the american college of bankruptcy. thanks for being with us. was this a forgone conclusion in >> in my view it was. and there were a lot of people in front of me who had the same view. >> what happens to these retirees and pensioners. you heard our reporter discuss how some of them really do depend on this chuck. >> well, time will tell. the plan that the city will propose and -- it is stated that it will propose by the end of the year should give pensioners come clue as to what the outcome will be. but what i suspect will happen is there will be further negotiations. the overarching legal issue is whether the court can impair pensioner's rights. their council will argue that state law prohibits a bankruptcy court from impairing their rights. that's what the negotiation will be about befor
bisi onile-ere with the latest out of detroit. again, the breaking news, is the federal bankruptcy judge has ruled that detroit can continue and is eligible for file for bankruptcy. joining me now to talk about this decision is the president of the american college of bankruptcy. thanks for being with us. was this a forgone conclusion in >> in my view it was. and there were a lot of people in front of me who had the same view. >> what happens to these retirees and pensioners. you...
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Dec 30, 2013
12/13
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on detroit's east side back in the 1980s. as a teenager into boxing and the martial arts, mico hung around the gyms where local pimps and players would work out and talk shop. >> i started in this business at a real young age. i started bouncing and stuff like that for bachelor parties. got to know a lot of the girls. and one thing led to another. >> at six feet and 220 pounds, mico made a living with his fists as a bouncer, enforcer, and debt collector. until one day in 1991, when he got a little too rough with a debtor and knocked himself right into the state penitentiary. >> i went to prison because an individual was disrespecting one of my relatives on a gambling debt and he didn't want to pay and he got kidnapped, beat, and robbed. >> mico did nine years for the kidnapping, robbery, and assault. but upon parole he found himself drifting back into detroit's underworld and his familiar role as muscle for hire. >> basically, when i was at the halfway house, i would visit a lot of strip clubs, and i ran into a lot of people,
on detroit's east side back in the 1980s. as a teenager into boxing and the martial arts, mico hung around the gyms where local pimps and players would work out and talk shop. >> i started in this business at a real young age. i started bouncing and stuff like that for bachelor parties. got to know a lot of the girls. and one thing led to another. >> at six feet and 220 pounds, mico made a living with his fists as a bouncer, enforcer, and debt collector. until one day in 1991, when...
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Dec 31, 2013
12/13
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city of detroit, pulled up to the front lawn of the detroit institute of the arts and as only a fire-breathing dragon can do, it left a simple message for detroit's emergency manager about how the city feels about its art museum. watch this. ♪ >> "save the art." if you're going to try to send a message to the powers that be in your city, that is one way to do it. set your fabric-wrapped, metal sign on fire with the flames you shoot 20 feet out of your dragon nostrils. the artists who created that performance stunt made their escape shortly after setting their protest sign alight. the sign was then extinguished by dragon artist supporters and also by the fire department. however you have been making your political case, trying to convey your political feelings, you need to know that out there somewhere, there are dudes in detroit who are getting their political point across with fire-breathing l.e.d. 60-foot dragons that breathe fire and that have a deejay booth on the back. the bar has officially been raised, america. step it up. >> good. detroit belongs in the best news -- i mean, detroit m
city of detroit, pulled up to the front lawn of the detroit institute of the arts and as only a fire-breathing dragon can do, it left a simple message for detroit's emergency manager about how the city feels about its art museum. watch this. ♪ >> "save the art." if you're going to try to send a message to the powers that be in your city, that is one way to do it. set your fabric-wrapped, metal sign on fire with the flames you shoot 20 feet out of your dragon nostrils. the...
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Dec 5, 2013
12/13
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asking what he meant by saving detroit? >> is the president going the let detroit go bankrupt? >> i think that happened awhile ago. >> didn't he say it would be awful if they went bankrupt? it wasn't enough to help the auto industry. i think in the campaign, he said it would be horrible. >> i think there is enormous hardship caused by what is happening in detroit. this needs to be resolved between the city and it creditors. >> look, i know, ed couched it in president obama mentioned the auto industry. >> as i recall, the president's answer was vague. they left it vegas. because michigan at the time, might have gone romney's way. they wanted to walk a rhetorical fine line. they were not specific. now is the time for governing, not campaigning. it was a fair question to ask. >> their language changes constantly. they say one thing, mean another. i want to reiterate the detroit thing. reality show with trump called fix detroit. you get 16 people, maybe celebrities. >> very good. >> they can come in like kid rock and fix it the. the problem is i'm not surprised by anything they say
asking what he meant by saving detroit? >> is the president going the let detroit go bankrupt? >> i think that happened awhile ago. >> didn't he say it would be awful if they went bankrupt? it wasn't enough to help the auto industry. i think in the campaign, he said it would be horrible. >> i think there is enormous hardship caused by what is happening in detroit. this needs to be resolved between the city and it creditors. >> look, i know, ed couched it in...
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Dec 3, 2013
12/13
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what's the feeling in detroit right now? >> i think the feeling is now that you know we're into bankruptcy, we've all got to come together once again and figure out what's best for the long-term solution. i think there are people willing to come out and fight the business community, philanthropic community and citizens here. all together we have to fix the problem and fix it now. >> mayor of detroit dave bing, thank you so much for your time. >> thank you. >>> coming up pope francis is many things, the first jesuit pontiff, champion of the poor and trained chemical technician. but club bouncer? details next. when it's donut friday at the office, i use my citi thankyou card to get 2x the points at the coffee shop. which will help me get to a beach in miami and they'll be stuck at the cube farm. the citi thankyou preferred card. now earn 2x the points dining out, with no annual fee. go to citi.com/thankyoucards a body at rest tends to stay at rest... while a body in motion tends to stay in motion. staying active can actually e
what's the feeling in detroit right now? >> i think the feeling is now that you know we're into bankruptcy, we've all got to come together once again and figure out what's best for the long-term solution. i think there are people willing to come out and fight the business community, philanthropic community and citizens here. all together we have to fix the problem and fix it now. >> mayor of detroit dave bing, thank you so much for your time. >> thank you. >>> coming...
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strategy a public institution would be in detroit but make no mistake about it the fire sale of detroit is just a preview of her republicans will do when they force their privatization fantasies on the rest of our nation every large metropolitan area in the country especially those large minority populations is now in the crosshairs of republican predators joining me now is mike papantonio attorney and host of ring of fire radio half welcome back. just fine so you have some serious thoughts on this is this rick snyder kevin or is goal from the start well what a combination put snyder in or together with wall street and then have a media unwilling to talk about things the hugest talked about very well put by the way i mean just you just distilled exactly the problem one thing i would add to it was was the use of wall street's derivatives in swaps to put these cities out of business understand that is that was the big trend not just in detroit but in cities all over this country we're going to see a repeat of what has occurred in detroit for the cities that can live past these swaps and i
strategy a public institution would be in detroit but make no mistake about it the fire sale of detroit is just a preview of her republicans will do when they force their privatization fantasies on the rest of our nation every large metropolitan area in the country especially those large minority populations is now in the crosshairs of republican predators joining me now is mike papantonio attorney and host of ring of fire radio half welcome back. just fine so you have some serious thoughts on...
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Dec 7, 2013
12/13
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CSPAN
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detroit doesn't need a handout. look at the proud history of detroit. we were the industrial giant of the world, detroit was the greatness of america. government didn't do this. you did this. government didn't discover, create, motown greats like smokey robinson or diana ross. we need to look at ourselves. we need to look in the mirror and we need to allow ourselves the freedom to create and innovate. you have leaders. think of dan gilbert of quick and loans they are pouring their hearts and souls and money into detroit. quick and loans have spent more than a billion dollars in detroit and moved 3600 employees into the city, creating thousands of jobs. quick and loans and center companies have 12,000 employees working in detroit. quick and loans is proving all the nay sayers wrong. go to quick and loans and you'll get a glimpse of detroit's future. detroit situation is a result of a corrupt marriage, a big government and big labor and big business that has worked against the city of detroit for decades. the result has been a defective government, declin
detroit doesn't need a handout. look at the proud history of detroit. we were the industrial giant of the world, detroit was the greatness of america. government didn't do this. you did this. government didn't discover, create, motown greats like smokey robinson or diana ross. we need to look at ourselves. we need to look in the mirror and we need to allow ourselves the freedom to create and innovate. you have leaders. think of dan gilbert of quick and loans they are pouring their hearts and...
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Dec 27, 2013
12/13
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>> that doesn't top the fire-breathing dragon in detroit with the dj booth on the back and because detroit's going bankrupt, there's a lot of -- and the art is going to be maybe sold. so they did this project to sort of -- to save the art. >> that was the save the art thing. and of all the best new things in the world this year, that was the most visually stunning one. >> the motor city, the great city of detroit has produced lots of great cars, lots of great art, lots of great music over the years. and now the great city of detroit has produced this. behold, the light dragon! this is the brainchild of two artists, detroit-based artist ryan doyle and a hong kong-born artist called teddy low. it is called the light dragon. it is made entirely of salvaged metal and rubber and lights. it is apparently 60 feet long and it weighs 17,000 pounds. it sits on top of a stripped down 1963 dodge dump truck. it's equipped with 2,500 feet of color-changing l.e.d. lights. and because it is a dragon, naturally, it can breathe fire. no, really, it can shoot a 20-foot burst of flame through its dragon nostril
>> that doesn't top the fire-breathing dragon in detroit with the dj booth on the back and because detroit's going bankrupt, there's a lot of -- and the art is going to be maybe sold. so they did this project to sort of -- to save the art. >> that was the save the art thing. and of all the best new things in the world this year, that was the most visually stunning one. >> the motor city, the great city of detroit has produced lots of great cars, lots of great art, lots of...
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we are doing it right here in the city of detroit with detroit employees. there is a lot stacked against the plans. this is not the prime location to be manufacturing. but we are doing it and we have a product that everybody wants. >> going through almost than near-death experience, there's a great sense of pride. >> me being there for 20 years is just home. >> i would love to see how far we can go. >> never count us out. we always want to come back. >> renewed commitment to design has helped revive the big three and here are five cars that are adding to the detroit bottom line. >> you can read this weeks exclusive story on the new general of gm at the bloomberg businessweekapp. aramark and hilton take service with a smile to the stock market am a an ipo that you can get in on if you have a rewards account. details are next. before we go to break, the opening ceremony took lise and a new 30,000 seat stadium to feature 35 sports competitions including archery, wrestling, and karate. ♪ >> the nominations for the 2014 golden lobes have been announced. among
we are doing it right here in the city of detroit with detroit employees. there is a lot stacked against the plans. this is not the prime location to be manufacturing. but we are doing it and we have a product that everybody wants. >> going through almost than near-death experience, there's a great sense of pride. >> me being there for 20 years is just home. >> i would love to see how far we can go. >> never count us out. we always want to come back. >> renewed...
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Dec 3, 2013
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it's serious to the point of all the money that the city of detroit takes in to their tax receipts and revenue, $0.40 on the dollar has to go as far as dealing with the debt that detroit has accumulated. if they did nothing that proportion would go up to $0.65 on the dollar. that is money that could not be spent on garbage collection, firefighting, and police. it's eating up a huge portion of the money that detroit wants to spend to rebuild the city. >> how could--what we are seeing and have seen in detroit, ripple out elsewhere? >> it could have an effect because there are cities that are considering a bankruptcy type of format because they are also in the red. if detroit is able to do this by cutting back on pensions that workers were promised or taking it to the unions you might see some other cities follow suit and say it worked for motown. perhaps the city of chicago, we'll talk to somebody on our show on that city. a lot of people are watching this very closely as a way to cut back on pension obligations. some are heading to federal court. >> what else are you working on? >> we h
it's serious to the point of all the money that the city of detroit takes in to their tax receipts and revenue, $0.40 on the dollar has to go as far as dealing with the debt that detroit has accumulated. if they did nothing that proportion would go up to $0.65 on the dollar. that is money that could not be spent on garbage collection, firefighting, and police. it's eating up a huge portion of the money that detroit wants to spend to rebuild the city. >> how could--what we are seeing and...
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Dec 4, 2013
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the mayor there in detroit wanted this. the governor wanted it. and i think that if it helps them restructure, great. the problem is going forward, there's actually no way -- i don't see a way for them to get out of this in the next 15 to 20 years that would be palatable enough for all of us to look at and say we're satisfied. i think people will have to face the hard realization that jobs are not going to be in detroit. >> not only that, one other quick thing, that's an important point because the skilled laborers also left detroit and went other places looking for work. >> to the other states. >> yes. >> that don't require union membership to build a car. >> greg. >> you can't solve this problem if you don't like problem solvers. and that's the problem with the left. they've destroyed more cities than godzilla. there are a couple interesting solutions. i called for -- i think it was like a year ago -- the modern settlers movement. >> yes. >> where if you're an undocumented worker or immigrant, move to detroit. and if you work hard and you clean
the mayor there in detroit wanted this. the governor wanted it. and i think that if it helps them restructure, great. the problem is going forward, there's actually no way -- i don't see a way for them to get out of this in the next 15 to 20 years that would be palatable enough for all of us to look at and say we're satisfied. i think people will have to face the hard realization that jobs are not going to be in detroit. >> not only that, one other quick thing, that's an important point...
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crisis they're the ones the reason detroit is in trouble is because this economic crisis has made so many people only employed on able to pay taxes while a small percentage get very wealthy everyone knows that go in after those people to raise the money they can best of ford to do what's right by the people of this country or else you're driving a wedge inside the united states that we will all come to regret in the years ahead absolutely it is a false dichotomy thanks for breaking through that richard award for columnist professor emeritus at university of massachusetts thanks so much. thank you. both guys it's about that time for viewer feedback starting with the you tube there is road over two hundred eighty episodes bt has done your feedback about nine or eight times and you spend roughly a minute to a minute a half on the segment b.t.s. going to spend on average a minute on the viewer feedback segment why can't they do it more often since it's averaging viewer feedback every thirty one point five episodes wow thank you so much for doing the math and since it means so much to you
crisis they're the ones the reason detroit is in trouble is because this economic crisis has made so many people only employed on able to pay taxes while a small percentage get very wealthy everyone knows that go in after those people to raise the money they can best of ford to do what's right by the people of this country or else you're driving a wedge inside the united states that we will all come to regret in the years ahead absolutely it is a false dichotomy thanks for breaking through that...
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Dec 3, 2013
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ruling out of detroit, the judge in the detroit bankruptcy case as to whether the city is eligible for bankruptcy protection. when that decision comes out and we've all made some sense of it, of course, we'll bring it to you as soon as we can. >> in the meantime, let's take a quick break. after that, department stores spend months preparing for black friday sales, but can the same be said for the luxury names? the chairman of neiman marcus will join us when we come back. clients are always learning more to make their money do more. (ann) to help me plan my next move, i take scottrade's free, in-branch seminars... plus, their live webinars. i use daily market commentary to improve my strategy. and my local scottrade office guides my learning every step of the way. because they know i don't trade like everybody. i trade like me. i'm with scottrade. (announcer) ranked highest in investor satisfaction with self-directed services by j.d. power and associates. >>> welcome back to "squawk on the street." abercrombie and finch shares are going higher. a letter to the board of directors called
ruling out of detroit, the judge in the detroit bankruptcy case as to whether the city is eligible for bankruptcy protection. when that decision comes out and we've all made some sense of it, of course, we'll bring it to you as soon as we can. >> in the meantime, let's take a quick break. after that, department stores spend months preparing for black friday sales, but can the same be said for the luxury names? the chairman of neiman marcus will join us when we come back. clients are...
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strategy in a public institution would be in detroit but make no mistake about it the fire sale of detroit is just a preview of her republicans will do when they force their privatization fantasies on the rest of our nation every large metropolitan area in the country especially those large minority populations is now in the crosshairs of republican predators joining me now is mike happen tony an attorney and host of ring of fire radio pat welcome back. just fine so you have some serious thoughts on this was this rick snyder kevin or his goal from the start well what a combination put snyder in or together with wall street and then have a media unwilling to talk about things that huge just talked about very well put by the way i mean just you just distilled exactly the problem one thing i would add to it was was the use of wall street's derivatives in swaps to put these cities out of business understand that is that was the big trend not just them in detroit but in cities all over this country we're going to see a repeat of what has occurred in detroit for the cities that can live past the
strategy in a public institution would be in detroit but make no mistake about it the fire sale of detroit is just a preview of her republicans will do when they force their privatization fantasies on the rest of our nation every large metropolitan area in the country especially those large minority populations is now in the crosshairs of republican predators joining me now is mike happen tony an attorney and host of ring of fire radio pat welcome back. just fine so you have some serious...
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the union is appealing the judge's decision in detroit. and andrew g. biggs is a resident scholar at the american enterprise institute. he served as the principal deputy commissioner of the social security administration under george w. bush. welcome to you both. >> thank you. >> woodruff: steven kreisberg, to you first. the basic question here i think is should public employees who have done their time working for the government, are now retired, be subject to any kind of cuts when the city or the state they work for is facing terrible fiscal crisis, and an underfunded pension fund? >> well, the underfunding of these pension funds has nothing to do with the workers. the workers, as you have said, have served their city. they put in their time. they've done the services that they've been paid to provide. the pension is a form of deferred compensation. so typically when people do the service, they get paid. you know, becoming a deadbeat on a pension as the city of detroit is proposing to do is not consistent with the values, i think, of just about anybod
the union is appealing the judge's decision in detroit. and andrew g. biggs is a resident scholar at the american enterprise institute. he served as the principal deputy commissioner of the social security administration under george w. bush. welcome to you both. >> thank you. >> woodruff: steven kreisberg, to you first. the basic question here i think is should public employees who have done their time working for the government, are now retired, be subject to any kind of cuts when...
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>> when we see the headline of the largest municipal bankruptcy in detroit, in, in detroit, in is starting to make way when you start to erase the debt and come out with a clean slate is you are going to be able to a take the tax revenue that comes into the city of detroit and put it back into the services like police, the police department like the fire department and making sure the fire rigs are working when they are called out to a fire and picking up trash and making sure the lighting grid is up and running and working streetlights in the neighborhoods in the city of detroit, so what that is going to do, when you bring down the debt and you bring it, you erase it and you start with that clean slate you will be able to infuse money back into the city of detroit, back into the services and really make detroit a better place to live and that is the bottom line in in story. >> a big day, in the life of your city, detroit. christy mcdonald, we thank you very much. >> thanks, judy. >> >> woodruff: again, the other major developments of the day. president obama touted the benefits of the aff
>> when we see the headline of the largest municipal bankruptcy in detroit, in, in detroit, in is starting to make way when you start to erase the debt and come out with a clean slate is you are going to be able to a take the tax revenue that comes into the city of detroit and put it back into the services like police, the police department like the fire department and making sure the fire rigs are working when they are called out to a fire and picking up trash and making sure the...
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accept that choice and i don't accept the choice for detroit of either cutting the pensions or cutting the utilities my ensor is do something finally to correct the grotesque imbalances of wealth and power in the united states help the people who need it most who've given the most and who have the least responsibility for this crisis they're the ones the reason detroit is in trouble is because this economic crisis has made so many people only employed only able to pay taxes while a small percentage get very wealthy everyone knows that go in after those people to raise the money they can best of ford to do what's right by the people of this country or else you're driving a wedge inside the united states that we will all come to regret in the years ahead absolutely it is a false dichotomy thanks for breaking through that richard award for columnist professor emeritus at university of massachusetts thanks so much. thank you. both guys it's about that time for viewer feedback starting with the you tube there is road over two hundred eighty episodes bt has done your feedback about nine or e
accept that choice and i don't accept the choice for detroit of either cutting the pensions or cutting the utilities my ensor is do something finally to correct the grotesque imbalances of wealth and power in the united states help the people who need it most who've given the most and who have the least responsibility for this crisis they're the ones the reason detroit is in trouble is because this economic crisis has made so many people only employed only able to pay taxes while a small...
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lit dragon rolled through the city of detroit, pulled up to the front lawn of the detroit institute of the arts and left a simple message for detroit's emergency manager about how the city feels about its art museum. watch this. save the art. if you're going to try to send a message to the powers that be, that is the one way to do it. set your metal sign on fire with flames you shoot out of your dragon nostrils. they made their escape shortly after setting their protest sign alight. however you have been making your political case, however you have been trying to convey your political feelings, you need to know there are dude in detroit getting their political points apart with 60-foot dragons that breathe fire and have a deejay booth on the back. the bar has officially been raised, america. step it up. >> good. detroit belongs -- detroit made it. good. >> they are trying to save the art from the detroit art institute. and christie's is going to get 500 million for it. >> 500 to 800 million. they are putting, oh, that would put a big dent in our debt. but it will also get rid of the co
lit dragon rolled through the city of detroit, pulled up to the front lawn of the detroit institute of the arts and left a simple message for detroit's emergency manager about how the city feels about its art museum. watch this. save the art. if you're going to try to send a message to the powers that be, that is the one way to do it. set your metal sign on fire with flames you shoot out of your dragon nostrils. they made their escape shortly after setting their protest sign alight. however you...
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winbaltimore ravens to a over the detroit lions. it was the sixth field goal of the game for the ravens. he accounted for all the team points. will mohamed el-erian speak to us? he is a giant jets fan. >> that will not happen this year. >> the first super bowl in new york and neither team is in it. kickers have a longer duration of career. let's go to the morning must read. >> we will talk about obama care and the president talked desk is talking with tech executives. will obama care fade?
winbaltimore ravens to a over the detroit lions. it was the sixth field goal of the game for the ravens. he accounted for all the team points. will mohamed el-erian speak to us? he is a giant jets fan. >> that will not happen this year. >> the first super bowl in new york and neither team is in it. kickers have a longer duration of career. let's go to the morning must read. >> we will talk about obama care and the president talked desk is talking with tech executives. will...
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in philadelphia where the eagles faced the detroit lions. fans at the game couldn't see the yard markers and point out where the ball was. more action a little later in sports wrap. >>> president obama is calling on aid to help with the afford able care act. republicans want to repeal the law. americans may have to pay more than they expected to keep their doctors. >> congress will be in session. they have a long list of bills to finish. 1.3 1.3 americans will be
in philadelphia where the eagles faced the detroit lions. fans at the game couldn't see the yard markers and point out where the ball was. more action a little later in sports wrap. >>> president obama is calling on aid to help with the afford able care act. republicans want to repeal the law. americans may have to pay more than they expected to keep their doctors. >> congress will be in session. they have a long list of bills to finish. 1.3 1.3 americans will be
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the latest on the detroit bankruptcy decision coming. dennis: not leaving las vegas, longstanding since it gained only two weeks ago, garth brooks is not ready to say good bye. details ahead. look at today's winners and losers on the s&p. >> a historic decision, details come up in illinois pension reform and how the unions may fight back. the trey try to fix his pension problems gearing up for what will be the nation's largest public bankruptcy. but how much of it is legal? and vegas gearing up for the demand two return. stocks every 15 minutes. nicole petallides. where are we headed? nicole: it is hard to say. the green and the red, that has been what we are seeing most of the time lately. take a look at some movers, deere has been in focus since this morning expanding the buyback $8 billion now. that stock up 3.3%. a big pop on heavy volume. microsoft new high. so much surrounding microsoft, that is the latest headline since approval from the eu for their nokia deal. meantime, employees will be merged into microsoft. down 3%, huge comp
the latest on the detroit bankruptcy decision coming. dennis: not leaving las vegas, longstanding since it gained only two weeks ago, garth brooks is not ready to say good bye. details ahead. look at today's winners and losers on the s&p. >> a historic decision, details come up in illinois pension reform and how the unions may fight back. the trey try to fix his pension problems gearing up for what will be the nation's largest public bankruptcy. but how much of it is legal? and vegas...
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you can look at the example of detroit. they had to go through banks result see proceedings to touch these. the burden of proof is on the city to make a case they are eligible and that's a high threshold. pension benefits are usually safe around the nation. pension benefits are protected for current employees and retirees. >> i'm looking at research that your own group put out saying 126 public plans were only 73% funded using the most optimistic pension return formula. 50% using the more conservative 5% return figure. what percentage are underfunded and not by just a little but in some cases by a lot? >> right, this is correct. those numbers are right. currently in 2012, based on 126 state and local pension plans that we maintain at the center, the funding rate owe was 73%. a lot of that unfunded lighty isn't due to current workers. pension funding really wasn't involved until the '70s or '80s. a lot of these are legacy costs from a past time and plans have been working steadily to fill the gap. >> so is it real or not? ar
you can look at the example of detroit. they had to go through banks result see proceedings to touch these. the burden of proof is on the city to make a case they are eligible and that's a high threshold. pension benefits are usually safe around the nation. pension benefits are protected for current employees and retirees. >> i'm looking at research that your own group put out saying 126 public plans were only 73% funded using the most optimistic pension return formula. 50% using the more...
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worked against the city of detroit for decades. the result has been a defective overnment, declining business sector, and failing schools. make a say this to partisan point. both parties are to blame. there's enough blame to go around. both parties, democrat and admit we they must didn't do everything we could do for the people who live in these cities, in detroit. the problems we see, it means the end of time. woe is me. let's give up. they say we can't create enough jobs. we'll never do it again. i disagree. shea athe schools here will keep getting worse. i disagree. they divide between rich and poor and black and white will only grow. i disagree. pez michl is wrong. for a moment.e we are the greatest country on earth. we developed so much capital ecause we believe in freedom and ourselves. for this to come true, we have beeny something we haven't trying. we can't keep doing the same thing over and over and expecting a different result. we need a new vision of prosperity. one that won't leave communities behind. politicians have
worked against the city of detroit for decades. the result has been a defective overnment, declining business sector, and failing schools. make a say this to partisan point. both parties are to blame. there's enough blame to go around. both parties, democrat and admit we they must didn't do everything we could do for the people who live in these cities, in detroit. the problems we see, it means the end of time. woe is me. let's give up. they say we can't create enough jobs. we'll never do it...
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the judge said bankruptc bankrue the only way to breathe new life into detroit given their debt and crumbling infrastructure and high crime rate. the judge said "this once proud city capacit can't pay their de. debilities dent their debts. the retire pension may be on the chopping block saying they treat them like any other contract. the union says they will press their case with the emergency manager kevin orr. >> if you work for the city of detroit for your entire life and then you retire and somebody just says, sorry didn't really mean it. that's a very different situation. orr told reporters he is willing to work with the unions but wouldn't make any promises to them can tel them. >> what i can tell them is that the reality is that there is not enough money to address the situation no matter what we do. the judge said the appeals process should go along at the same time. roger penske has been trying to bring racing back to detroit and blue cross has moved 3000 employees to downtown offices >> john was a police officer for 32 years and i asked him about the possibility of losing his pensio
the judge said bankruptc bankrue the only way to breathe new life into detroit given their debt and crumbling infrastructure and high crime rate. the judge said "this once proud city capacit can't pay their de. debilities dent their debts. the retire pension may be on the chopping block saying they treat them like any other contract. the union says they will press their case with the emergency manager kevin orr. >> if you work for the city of detroit for your entire life and then you...
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are abandoned in the city of detroit. ron insana, thank you, sir, appreciate it. >> reporter: thank you, thomas. >>> i want to pass along this programming note. the outgoing detroit mayor will join alex wagner next hour right here on msnbc. he announced that he will not be running for re-election. >>> well, a full court press. at 2:30 this afternoon, the president goes all in with a december pr push to promote healthcare.gov and congressional underachievers. congress is about to go down as the least productive in our history. those are the topics for our agenda panel. suzy khimm is a national correspondent for msnbc, ron reagan is an msnbc analyst and steve benen is a contributor and producer for the rachel maddow show. i like this. suzy, the administration is feeling certainly confident enough to sell now to the public. is this going to be enough to combat the perception issues and the problems that they had initially with the rollout? >> so basically the obama administration is transitioning from this period in which it
are abandoned in the city of detroit. ron insana, thank you, sir, appreciate it. >> reporter: thank you, thomas. >>> i want to pass along this programming note. the outgoing detroit mayor will join alex wagner next hour right here on msnbc. he announced that he will not be running for re-election. >>> well, a full court press. at 2:30 this afternoon, the president goes all in with a december pr push to promote healthcare.gov and congressional underachievers. congress is...